The Moulton Store is located in midtown Metropolis. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2014, the following accounts appeared in two of its trial balances.

Instructions
(a) Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. Notes payable are due in 2017.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that are necessary.

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Unadjusted Adjusted Unadjusted Adjusted Accounts Payable Accounts Receivable 25,200 25,200 Notes Payable 30,500 30,500 Prepaid Insurance 37,000 37,000 3,500 3,500 3,500 15,000 61,700 96.000 13,500 7,000 9,000 706,000 8,500 10,500 Accumulated Depr-Equip. 22,000 33,000 Property Tax Expense 26,000 50,000 26,000 50,000 Property Taxes Payable Rent Expense Common Stock Cost of Goods Sold Depreciation Expense Dividends Equipment Freight-Out Insurance Expense Interest Expense Interest Revenue 15,000 61.700 96,000 507,000 507,000 Retained Earnings 11,000 8,000 Salaries and Wages Expense Sales Commissions Expense 8,000 154,300 154,300 Sales Commissions Payable 6,500 7,000 6,100 8,000 26,000 Sales Rcturns and Allowances Sales Revenue Utilities Expense 9,000 706,000 6,500 6,100 8,000 26,000